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Silver retraces down on margin hike pressure AUGMONT BULLION REPORT

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  • Following a parabolic run that saw silver reach a high of $84. on December 29, the market had a severe correction, losing more than 15% of its value in just 48 hours.
  • The upheaval started in earnest during the holiday-shortened trading week in late December. On December 26, 2025, the CME Group published Advisory No. 25-393, which raised the initial margin for March 2026 silver futures from $22,000 to $25,000.
  • The CME Group acted again, seeing a potential systemic danger as volatility indicators reached levels not seen in almost a decade. On December 30, 2025, the exchange announced a second, harsher raise, increasing margins by 30% to $32,500 per contract.
  • When the New York floor opened on the last day of the year, a tsunami of forced liquidations had hit the tape. Investors who had entered the market at $80 were confronted with margin calls they could not satisfy, triggering a cascade sell-off those wiped billions of dollars in paper riches in a matter of hours.

Technical Triggers         

  • Gold prices are expected to consolidate in the range of $4320 (~Rs 134,000) and $4420 (~Rs 137,000) after this sharp rally and sell off this week.
  • Silver prices are expected to consolidate between $70 (~Rs 223,000) and $76 (~Rs 242,000), after the sharp rally and sell off this week.

Support and Resistance

MetalMarketSupport LevelResistance Level
GoldInternational$4300 / oz$4420 / oz
GoldIndia₹134,000 / 10 gm₹137,000 / 10 gm
SilverInternational$70 / oz$76 / oz
SilverIndia₹223,000 / kg₹242,000 / kg

Source: AUGMONT BULLION REPORT

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Signet The Biggest-Grossing Jeweller In North America By Far In 2025

Luxury Groups, Specialist Watch Retailers, and Branded Jewellery Players Are Steadily Gaining Ground Against Traditional Mass-Market and Department-Store Operators

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National Jeweler’s latest State of the Majors report highlights a shifting leaderboard among North America’s “$100M supersellers,” which grew from 36 to 37 qualifying retailers in 2025. While Signet Group comfortably defended its first-place crown—generating $6.36 billion across 2,329 stores—the rest of the top ten saw major disruption. Signet’s total watch and jewelry sales for the year were $6.36 billion according to the report and had 2,329 outlets. Second-placed Richemont, the Swiss luxury conglomerate, sold  $3.62 billion, with just 105 locations selling watches and jewlery.             

One of the report’s most notable developments was the rise of Richemont to the No. 2 position, overtaking several larger-format retailers. The Swiss luxury conglomerate, owner of prestigious maisons including Cartier and Van Cleef & Arpels, reported $3.62 billion in watch and jewellery sales through only 105 locations. The performance illustrates the outsized revenue-generating power of luxury retail, with Richemont achieving high productivity per store compared with mass-market competitors.

The reshuffling pushed Walmart down to fourth place, signaling a broader shift in consumer spending toward premium and luxury jewellery categories. Meanwhile, warehouse retailer Costco advanced to No. 5, continuing to strengthen its position in fine jewellery through value-led offerings and member-driven purchasing.

Jewellery brand Pandora also climbed one rank to secure the No. 7 spot, reflecting sustained demand for branded jewellery collections and accessible luxury products. In contrast, luxury powerhouse LVMH slipped to No. 6, while longstanding department store chain Macy’s moved down to eighth place, highlighting increased competitive pressures within traditional retail channels.

Another significant change came at the lower end of the top ten, where Watches of Switzerland Group entered the rankings at No. 10, marking growing momentum for specialist luxury watch retail in North America. Its entry displaced Bucherer to No. 11, emphasizing the increasingly competitive nature of premium watch distribution.

The report points to a broader transformation in North America’s jewellery retail hierarchy, where luxury groups, specialist watch retailers, and branded jewellery players are steadily gaining ground against traditional mass-market and department-store operators. While scale remains a decisive advantage—as demonstrated by Signet’s market leadership—the rankings suggest profitability and influence are increasingly being driven by premium positioning, brand equity, and high-value transactions rather than store count alone.

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